Is Norwood Park East, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norwood Park East is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Norwood Park East has remained a Seller's Market.

Key Takeaway

Norwood Park East is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Norwood Park East, IL

How much do homes in Norwood Park East, IL cost?

Median Sold Price

$387,500

$230/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$12,500(-3.1%)

Key Takeaway

Homes in Norwood Park East have sold for 3.1% less than they did a year ago.

Summary: The median home sold price in Norwood Park East was $387,500 in November 2024, down 3.1% from last year, and the median price per square foot was $230.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $125K$154K
+23.2%
2 $260K$191K
-26.5%
3 $398.9K$435K
+9.0%
4 $525K$460K
-12.4%
5+ $600K$587.5K
-2.1%

Summary: Norwood Park East housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.2%, 2 bedroom homes decreased by 26.5%, 3 bedroom homes increased by 9%, 4 bedroom homes decreased by 12.4%, and 5+ bedroom homes decreased by 2.1%.

Median Sold Price Compared To Nearby Neighborhoods

Jefferson Park
+21.6%
Far North Side
+9.7%
Norwood Park
+6.5%
Norwood Park East
-3.1%

Housing Supply in Norwood Park East, IL

How many homes are available in Norwood Park East, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2925-13.8%

Summary: The Norwood Park East real estate market had 25 homes for sale in November 2024, a 13.8% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 98
-11.1%
3 77
0.0%
4 42
-50.0%
5+ 76
-14.3%

Summary: The Norwood Park East housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.1%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
107-30.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norwood Park East, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Norwood Park East in November 2024, down by 30.0% month-over-month. Of the 7 sold homes, 86% were sold under asking, 0% were sold at asking, and 14% were sold over asking.

Days on Market for Norwood Park East, IL

How long does it take to sell a home in Norwood Park East, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
23 Days44 Days+92.2%

Summary: Homes in Norwood Park East had an average of 44 days on market in Nov 2024, up by 92.2% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Norwood Park East has remained consistent over time.

Summary: During November 2024, 7 homes were sold in Norwood Park East; 29% of homes were sold within 30 days, 71% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in Norwood Park East, IL

Nearby Markets to Norwood Park East, IL